Investors demand action against pvt finance firm

Coimbatore: As many as 100 people gathered at the police commissioner’s office on Saturday demanding action against a chit fund operator, who allegedly cheated thousands of people of more than Rs 30crore.
R Paramasivam of Nellai Muthu Chitfund, who also owned Muthu Land Developers and Muthu Land Promoters Pvt Limited on 100 Feet Road, had announced a scheme promising three cents of land to those who invest Rs 1,500 for 46 months.The investors approached police after Paramasivam failed to deliver on his promise and failed to return the money. They tried to stage a sit-in protest at the police commissionerate. However, deputy commissioner of police (crime) P Perumal and intelligence section assistant commissioner O Vetriselvan pacified them.
Vetriselvan approached economic offence wing police and requested them to receive complaints from the investors.
EOW officials told the investors that they would take action after getting legal opinion from senior officers in Chennai.
The investors were waiting at the commissionerate till the evening. They are planning to visit the place again on Monday morning.